Blockchain, as we all know, is a distributed ledger that functions in a decentralized manner. Blockchain is considered to be the future of the world. For the time being, blockchain use is only limited to cryptocurrency use. Blockchain technology is multi faceted and has great potential. In this article we shall learn in depth about all the possible ways in which blockchain can contribute to different industries and sectors.
Table of Contents
- Banking- Banks are the storehouse of value and information. Blockchain is popular for its unparalleled security and accuracy when it comes to the security and immutability of any data. This could be of great use in the banking sectors to promote higher levels of security. Blockchain can even take over the system in which banks work and work as an alternative of banks to provide the same services but in a decentralized manner.
- Stock trading and hedge funds- buying, selling, and trading stocks are something we want to do with ease. Since a long time back different companies have tried to make this less tedious for us. Blockchain technology can make trading in stocks even easier with better transparency, security, and stability by partnering with trading networks.
- Crypto exchanges- Blockchain is most efficient when it comes to security. The world of digital currency has its own merits and demerits. In the case of traditional physical currency, cheating and stealing becomes difficult, but cryptocurrency exchanges using ethereumcode are more susceptible to unlawful laundering activities. Blockchain can successfully provide cyber-security in the crypto world like no other.
- Wills and inheritance- blockchain can come to play in verifying and keeping a safe record of contracts without any interruption of legal interpretations.
Travel and commute:
- Automobile industry- blockchain can be used to track raw materials and parts in a supply chain that are required for manufacturing purposes. It can also keep a safe and reliable record of all the manufacturing data from the past to the present. Paper records can be forged but ownership records and confidential data can be kept tamper-proof in a blockchain.
- Vehicle sales and ride-hailing- experience of leasing, selling and buying a vehicle will get a lot easier with the involvement of blockchain. Blockchain can eliminate the tediously fragmented process and make it faster with secured and easier transaction management. The various ride-hailing apps can take help of blockchain for a convenient and effortless experience for both the rider and driver.
- Goods transportation- proper record of shipping and tracking of an asset can be achieved in the trucking services with the help of blockchain. It can even improve the transactions and fleet management by ensuring better security to the assets.
- Long distance travel- even in the sector of railways and airways better service can be made available to the customers with the help of blockchain. Ticketing solutions and prompt availability of seats will become more accessible to the travelers in a decentralized manner.
- In recent times the hospitality sector and long chains of hotels have rapidly spread ubiquitously. Blockchain can provide a better and easier experience to the customers by eliminating the presence of an intermediary body. Revenue generation will be upgraded and discounts will be available too with efficient and hassle-free booking.
Construction and architecture industry:
- The construction sector generates immense employability and includes a wide variety of people. Validating the identities and data of such people will be absolutely accurate if blockchain comes into play. Blockchain technology can ensure proper transport and delivery of construction materials sourcing them from the right place.
- Using the blockchain technology good medical services can be made available to people from all kinds of financial backgrounds. Easy consultation and medical assistance will be at everybody’s dispense at affordable costing. There will be more transparency and payments issues will be solved. There will be much organized storage of a patient’s data.
Blockchain is not regulated or controlled by any single institution or body like the government or banks. The disruptive use of blockchain is still under process and is soon expected to cover all kinds of industries and sectors in near future.